This is how I configured the session timeout to 15 minuttes when using FBA and Claims
$sts = Get-SPSecurityTokenServiceConfig
$sts.UseSessionCookies = $true
$sts.FormsTokenLifetime = (New-TimeSpan -minutes 15)
$sts.Update()
iisreset
I have tested on development using 1 minute and it works perfect I only get asked to login when I have been inactive to 1 minute.
Note I use session cookies in my example. According to some blogs it can effect the office integration not using a permanent cookie. Since this is not an issue with the current solution I haven’t investigated further.